Banks closing bullion shop owners Bank accounts

I was waiting for this to happen I thought it would be happening before now. Quite a few people see that keeping some real money as a backup to protect against fiat currency fluctuations. Silver and gold Would be an anathema to the Banking industry as it can circulate for trade outside of their control and manipulations. These Banks are getting so far out of their remit that it is no longer a bank, it is a control system.Since it appears that the real unmanipulated price of Precious metals would be very high by now compared to the current range of fiat being pumped out. It would be the first thing that a bank would have to do to stop competition.

Chinas dumping gold, so it would be a good strategy for gobmint equity to put a control on whats here from being put out. It would be a devious blow to the Chinese. Now for the average investor, all currencies and commodities have vulnerabilities. a reply to: anonentity

Two things that are really concerning me is the closures of many banks and also the closures of many department stores main department stores something is brewing so I have no inside of what's happening maybe some of you guys are in the business of following the trim so the money and the loss of money by the retail industry and the banks but it's there it seems to be a very serious situation in America.
I look pretty much out in the country and I also psycho much of the country here in Japan and the downtown areas of not the major cities but the minor major cities that it's like dead and a lot of it has to do with the elderly population most of it has to do with it and also the student the volume of students that actually kept the downtown areas alive after school going to the McDonald's or Mr donuts or Baskin-Robbins it's all disappeared within the last 20 years.

originally posted by: XxGargamelxX
Chinas dumping gold, so it would be a good strategy for gobmint equity to put a control on whats here from being put out. It would be a devious blow to the Chinese. Now for the average investor, all currencies and commodities have vulnerabilities. a reply to: anonentity

I coulda sworn they were hoarding gold, buying it up, recently. Along with some of the other always-agitating countries.
Anyway, I’m gonna buy some of the Credit Suisse cards. 24k / 99.9 gold, about the size of a credit card, one ounce. Scored into little one gram squares, so you can literally break off a gram. There’s about 33 grams in an ounce / card.
This is the absolute easiest way to have spendable gold in a real SHTF scenario where people start using it for tender or barter.
Today a gram is worth 60-70 bucks. At least you’re not trying to figure out how to use a 2k $ coin to buy bread and a blanket.
Not a good investment for the little guy though. If you pay about 2 k for a card today, anybody who would buy it from you will always be offering 10-20 % less than that day’s spot price. I’ve sold a little bit before just to pay an unexpected bill, and you always get less back than you should. Buying at spot price is good, selling at spot price minus pawn shop /coin shop / jeweler rules, is bad.

a reply to: anonentity

My very 1st post on ATS (back on 1 Jan 2013) was a post about something somewhat related to this concept.

To this day, I still believe there is an untapped reserve of a commodity (like gold, or some other highly valuable commodity) in eastern Russia. I'm not sure exactly what it is, but I'm fairly certain it is there, and I've spent decades researching it. And, it is so vast that it would easily destabilize the World economy to the point where not even the remains of the USSR would dare bring it to bear on the market for fear of what it represents. It would be complete economic anarchy. (imagine for just a moment if all the currencies around the globe were de-valued to zero overnight! I think you get the idea.).

In theory, fiat currency is underpinned by something of value. Fiat currency's value relies on it being more convenient to exchange than the thing of value it represents.

Fiat currency demands the notion of trust, and trust is something in ever increasingly short supply these days. When there is no trust, there is no value in fiat currencies...because they are nothing more than fancy printed paper.

Gold, and other precious metals and commodities, on the other hand, have utility. Trust doesn't have any of these things. It is trust which provides fiat currencies its utility; precious metals and commodities don't require this.

I recently got notice that Bank of The West was bought out:

DENVER — Bank of the West is now part of BMO Financial Group. BMO Financial Group has completed its acquisition of Bank of the West from BNP Paribas. The acquisition of Bank of the West adds nearly 1.8 million customers to BMO, extending its banking presence with 500 additional branches and offices. Jul 21, 2023

Not thrilled but I should have known something was up when branches started closing.

dup

originally posted by: stevieray
Today a gram is worth 60-70 bucks. At least you’re not trying to figure out how to use a 2k $ coin to buy bread and a blanket.

This is the thing I never understood about the argument for gold and silver in a shtf scenario. Putting aside the fact you're expecting someone to trade some potential life saving item for gold/silver, is that people have an expected associated value. Most times they assume it'll carry the same value in the shtf scenario as it did before. This mentality is beyond folly and I will never accept the argument of "but it'll be worth something when society reassembles". Precious metals, tokens and fiat currencies only work in a society that accept tender as an agreed form of stored labour/time. In a shtf scenario, people could care less about that and more about what will see them through to the next day.
Besides that, barter type assets that people can consume, will always win over something you can't.

a reply to: anonentity

if you cannot buy food with gold, its not worth too much
maybe better off hoarding BULLETS..
alot more banks (ARMED CITIZENS) might accept them
for payment

originally posted by: Sovaka

originally posted by: stevieray
Today a gram is worth 60-70 bucks. At least you’re not trying to figure out how to use a 2k $ coin to buy bread and a blanket.

This is the thing I never understood about the argument for gold and silver in a shtf scenario. Putting aside the fact you're expecting someone to trade some potential life saving item for gold/silver, is that people have an expected associated value. Most times they assume it'll carry the same value in the shtf scenario as it did before. This mentality is beyond folly and I will never accept the argument of "but it'll be worth something when society reassembles". Precious metals, tokens and fiat currencies only work in a society that accept tender as an agreed form of stored labour/time. In a shtf scenario, people could care less about that and more about what will see them through to the next day.
Besides that, barter type assets that people can consume, will always win over something you can't.

I think gold will hold its value during most or all scenarios. There’s a reasonable belief that it will jump in value when it becomes more liquid than cash/ coins. Fiat money can get cancelled when the govt fails, but gold will still have value beyond govts and countries. It’s only been true for several thousand years. I don’t see this truth just dead ending for some reason today. Gold has the same psychological value as cash by the US for the last couple centuries.

a reply to: stevieray

This is a weird situation. You have the big players like Blackrock who own the Banks and are rapidly acquiring all major assets. Then they will issue their own credit money. Which in reality is the tokens issued by the Company store. Which was deemed illegal back in the day as they just arranged things to keep the workers in perpetual debt. It is the same old story, at least with Gold and Silver you are outside the system.

a reply to: anonentity
Gold and silver have always had the right combo of rarity, portability, and appeal as coinage, jewelry, etc.
This has been consistent for millennia and around the globe.
There are other rare metals like platinum and rhodium, but I think people shy away from them because they’re not as identifiable and look like silver anyway. There is a certain lore and history and even lust for gold and silver that I don’t think will ever fade. It’s part of the human psyche. Everybody dreams of finding gold in nature or in hidden / lost coins and jewelry.

a reply to: stevieray

This guy is following the financials and seems to have a handle on why they are closing accounts.